PERTH (miningweekly.com) – ASX-, TSX- and NYSE-listed Kirkland Lake Gold has reported record quarterly and annual gold production for the quarter and full-year ended December.
The miner reported fourth quarter production of 230 993 oz, up 28% on its previous record of 180 155 oz, while full year production reached 723 477 oz, up 21% on the 596 495 oz produced in 2017.
The company told shareholders on Wednesday that both the Fosterville and Macassa operations had produced record production in the December quarter, while annual production records were also set at the two mines, and at the Taylor mine.
“2018 was an outstanding year for Kirkland Lake Gold. We achieved record production and just as important, embarked on a programme of growth that could see the company achieve a million ounces of annual, low-cost gold production as early as 2021,” said Kirkland Lake president and CEO Tony Makuch.
“A key part of our progress has been the continued transformation of Fosterville into one of the world’s greatest gold mining operations. As clearly demonstrated in the fourth quarter, we continue to see much greater levels of high-grade quarts-veins with visible gold at Fosterville than had previously been estimated, which was the main driver for the mine’s substantial outperformance during the quarter, and is a key reason why we expect a significant increase in Swan Zone mineral reserves.”
Makuch noted that at the Macassa operation, grade performance in the South mine complex had been excellent, with the project poised for further increases in production once the new shaft is completed.
“Entering 2019, we are well positioned for continued growth, with three-year production guidance including 740 000 oz to 800 000 oz in 2019, 850 000 oz to 910 000 oz in 2020, and 945 000 oz to one-million ounces in 2021.”